https://www.miningweekly.com

Gemfields sells Jupiter shareholding for $31m

15th April 2019

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

JSE- and BSX-listed Gemfields’ subsidiary, Pallinghurst Consolidated, will sell the 145-million shares it holds in ASX-listed Jupiter Mining to AMCI Euro Holdings for A$44-million, or $31-million.

Gemfields stated on Monday that the transaction was consistent with the board’s strategy for the company to be focused on African coloured gemstones.

Gemfields CEO Sean Gilbertson said the sale of the Jupiter shares also enabled the directors to realise their ambition of paying a maiden distribution to shareholders.

As a result of the transaction, a special dividend of about $24-million will be paid to Gemfields shareholders, representing a distribution of $0.0175 apiece.

The company will declare the special dividend formally in June, together with a dividend timetable.

Jupiter has a 49.9% beneficial interest in Tshipi é Ntle Manganese Mining, which owns and operates the Tshipi Borwa mine in South Africa.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION